Government has identified the $2.4 billion energy sector debt as the biggest threat facing the economy.
President Nana Akufo Addo who disclosed this at a meeting with the Ghanaian community in Senegal said his government is working desperately to find a solution to the situation.
The president is in Senegal as part of the second leg of his West African tour which will also take him to Nigeria.
He points to extravagant power supply deals signed by the previous NDC government during the power crisis as the cause.
Key among those deals include AMERI, and KARPOWER all of which run into several millions of dollars.
He said his appointees are working feverishly to resolve the crisis and called on the Ghanaians living outside the country to contribute through bonds in order to retire the debts.
The president also noted competent and efficient management of the country's resources is needed to change Ghana's sad situation.
"We are determined to turn round the fortunes of Ghana. Ghana should not be a poor nation. I refuse the perception of Ghana as a poor nation.
"We are a rich nation and what we need to do is to work and ensure that the wealth in Ghana affects the lives of people," he said.